19 Action News has learned employees were informed Friday morning that American Greetings World Headquarters will be moving to Crocker Park in Westlake.More >
WESTLAKE, OH (WOIO) -
Plans are still in the works to move to American Greetings to Westlake, according to Westlake's Mayor Dennis Clough, after the Weiss family reached a deal to buy the company.
The greeting card company, will now be privately owned, is worth just short of $900 million.
That means shareholders, will get 18.20 a share. "We've been assured by the owners that are going to be part of that ownership that they want to see this happen and they want to move forward, says Mayor Clough.
The mayor says in order to move forward with the plans at Crocker Park a couple of things need to happen. "They should be ready to go out for bid for the entire project once the shareholders sign off on them becoming a private company," explains Clough.
The mayor also says that may take just a few months.
In the meantime he says American Greetings officials say they will continue with their construction and engineer drawings of the facility that will employ anywhere from 12 to 15 hundred people.
"For the city of Westlake it means it's going to be a catalyst for future development and development all around in that area, and we do expect property values to rise," said Mayor Clough.
With a this big business expected to move from Brooklyn to Westlake, This would be boost to the economy.
The mayor says once the shareholders sign off on the deal going private and they sign the contract with Westlake, the facility could be ready in two years.